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Jul 19, 2010

TaxGuru.in : Legal & Tax Updates 20.07.2010

TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

List of Toppers, Pass Percentage of Students appeared in CA final existing and new course examination held in May 2010 and CPT (Paper Pencil Mode) held in June 2010

Posted: 19 Jul 2010 08:56 PM PDT


The toppers of Chartered Accountants Final (existing) Examinations held in May, 2010 are from district Nagaur (Rajasthan), Kolkata and Ahmedabad.The details of the top three rank holders on all India basis for Chartered Accountants Final(existing...

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Bonanza for Defaulting and Defunct Companies

Posted: 19 Jul 2010 08:55 PM PDT


The Corporate Sector has reason to celebrate the launch of two Schemes by the Ministry of Corporate Affairs in the last week of May 2010. The Company Law Settlement Scheme (CLSS) 2010 is intended for those companies who desire to continue after...

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Deputy commissioner of income-tax under scanner for unprofessional conduct

Posted: 19 Jul 2010 08:27 PM PDT


The Union government has warned a deputy commissioner of income-tax for releasing diamonds seized during a raid without proper orders. The government has said that A K Suri did not act in a manner expected of an officer while on search duty.

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Income Tax department's tax fair expects 5 Lakh income tax returns

Posted: 19 Jul 2010 08:17 PM PDT


The Income Tax department's tax fair, which starts on Monday, is expected to see 50,000 more taxpayers filing their returns this year. Last year about 4.5 lakh people filed their returns in the tax fair organised at Palace Grounds. This year, the...

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SC remands I-T dept's appeal related to taxability of foreign telecasting companies

Posted: 19 Jul 2010 08:09 PM PDT


The Supreme Court has remanded the income tax department's appeal raising pertinent issues related to taxability of foreign telecasting companies to the Bombay High Court.The issue revolves around the method of computation of profits by non-resident...

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While computing the direct cost attributable to export, the freight and insurance should be excluded for arriving at export profits

Posted: 19 Jul 2010 08:04 PM PDT


section 80HHC, Deduction under Section 80HHC, Bombay High Court, export turnover,deduction under section 80HHC

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SEZ developers likely to meet FM to discuss continuation of tax benefits

Posted: 19 Jul 2010 07:57 PM PDT


Leading developers across the country are likely to meet Finance Minister Pranab Mukherjee and top officials of his ministry on the continuation of tax benefits for special economic zones, or SEZs.The developers, including Raheja Ltd, Ascendas,...

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Corporate Tax Rate in DTC may be brought down to 25 percent in a phased manner

Posted: 19 Jul 2010 07:53 PM PDT


A sharp cut in corporate tax rate proposed in the direct taxes code is likely to be done in stages to ensure that tax collections do no plummet, derailing the government's attempts to bring the fiscal situation under control. The direct taxes code,...

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264 special counters from July 21-31 in Delhi for filing of income tax return

Posted: 19 Jul 2010 07:46 PM PDT


The income tax department today said it will open 264 special counters from July 21-31 in the Capital and national capital territory region, to accept returns from individual taxpayers. "The income tax department would set up 264 special counters to...

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Going for interview? Few tips on how to negotiate your salary

Posted: 19 Jul 2010 07:40 PM PDT


Job interviews can be gruelling. But the worst part is whether to say yes or no to the salary being offered. The most common reaction to an offer is -- "I shall get back to you." During bad times, it has to be a 'yes'. In better times, well, one can...

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Income Tax department receives data on NRI black money from six countries

Posted: 19 Jul 2010 05:46 PM PDT


India's efforts at retrieving the black money its corrupt citizens have stashed abroad are being helped by some countries. The Income Tax has made a list of 135 individuals and entities, who received payments of more than Rs 1 crore from companies...

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SEBI may simplify IPO application forms

Posted: 19 Jul 2010 05:29 PM PDT


As part of efforts to attract more retail investors to the stock market, regulator SEBI is considering making applications forms simpler and shorter for public offers, including IPOs. Concerned over the lukewarm and ever-falling retail response to...

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IRDA proposes norms for enhancing the performance of agents

Posted: 19 Jul 2010 05:17 PM PDT


Life insurance agents may lose their licences if the annual persistency ratio of their clients' policies is less than 50 per cent. In an exposure draft on persistency in life insurance policies announced on Saturday, the Insurance Regulatory and...

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FDI in LLPs may be allowed up to 100 per cent

Posted: 19 Jul 2010 04:36 PM PDT


Foreign direct investment in new form of business, limited liability partnerships (LLPs), could be allowed without a cap, a highly placed source said."The officials have reached a consensus for 100 per cent FDI in LLPs," he said. Officials in the...

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Type Rupee symbol on computer and download Rupee symbol font

Posted: 19 Jul 2010 10:14 AM PDT


Mangalore based Foradian Technologies Pvt. Ltd has made it possible for users to use the new Rupee symbol by creating a font called Rupee-Foradian.Follow the below steps to Use the new Rupee symbol right away!Visit Foradian company's blog...

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Now trade for 23 hours

Posted: 19 Jul 2010 09:54 AM PDT


The wait is now over for the US investors who wants to bet on the Indian stock markets, with the Chicago Mercantile Exchange starting the trade in Nifty Futures from Monday. The Chicago Mercantile Exchange (CME) is introducing two new contracts --...

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ICAI will do reality check ahead of fresh meeting with Singapore officials for opening of sector

Posted: 19 Jul 2010 09:48 AM PDT


The country's accounting regulator is doing a reality check on whether Indian accountants stand to gain from the opening up of the sector, ahead of a fresh meeting between officials from India and Singapore for reviewing a bilateral trade pact.

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Sebi considering to separate the role of chairman and managing director (MD) or CEO of listed companies

Posted: 19 Jul 2010 09:14 AM PDT


A committee constituted by India's securities market regulator, the Securities and Exchange Board of India, or Sebi, is considering a proposal to separate the role of chairman and managing director (MD) or CEO of listed companies to prevent...

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States may bargain for some flexibility on proposed Goods and Services Tax

Posted: 19 Jul 2010 09:00 AM PDT


Fearing that their fiscal autonomy will be impacted by the uniform tax structure, state finance ministers are likely to bargain for some flexibility on proposed Goods and Services Tax when they meet Union Finance Minister Pranab Mukherjee on July 21.

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Sebi panel favours 100 percent open offer

Posted: 19 Jul 2010 08:55 AM PDT


Takeovers are set to get costlier with a Sebi panel favouring making it mandatory for the acquirer to make an offer for up to 100 per cent stake in any listed company.As of now, an open offer for a minimum of 20 per cent in the target company is...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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